The Texas Bitcoin Reserve Bill has been submitted to the Senate Finance Committee for review
ChainCatcher news, according to Bitcoin.com, the Texas Strategic Bitcoin Reserve Bill (Senate Bill 778) was submitted to the Senate Finance Committee for review on February 7. The bill was introduced by Senator Charles Schwertner and aims to establish a state-controlled Bitcoin reserve to enhance financial security and promote digital asset innovation. The main contents of the bill include:
- Authorizing the Texas government to hold Bitcoin as a financial asset;
- Allowing individuals, including state residents, to donate Bitcoin to the reserve to promote community co-investment;
- Managed by the Texas Comptroller's Office, implementing a cold storage plan and conducting regular audits;
- Prohibiting the acquisition of Bitcoin from foreign entities or individuals involved in illegal activities;
- In emergencies, the Governor or Legislative Budget Board may authorize the sale of Bitcoin from the reserve.
In addition, the bill proposes the establishment of the Texas Strategic Bitcoin Reserve Advisory Committee, composed of state legislators and financial officials. The funding for the state legislature to purchase Bitcoin is capped at 1% of the Texas government's unrestricted general revenue balance every two years. If passed by a two-thirds majority, the bill will take effect immediately; otherwise, it will take effect on September 1, 2025.
